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BALANCED BUDGET: An equality between the revenues and expenditures that constitute a budget. The notion of a budget is most important for governments, where revenues are taxes and expenditures are assorted public goods, administrative expenses, etc. While the federal government has been notorious for its failure to maintain a balanced budget, except for periods of unexpected prosperity, many state and local governments are very good at this sort of thing.

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Lesson Contents
Unit 1: Price Taker
  • A Perfect Market
  • Characteristics
  • Revenue
  • Profit Maximization
  • Unit 1 Summary
  • Unit 2: Short-Run Output
  • The Revenue Side
  • The Revenue Numbers
  • The Cost Side
  • Comparing Totals
  • Comparing Marginals
  • Unit 2 Summary
  • Unit 3: Doing Graphs
  • Total Curves
  • Profit Curve
  • Marginal Curves
  • Dividing Revenue
  • Short-Run Alternatives
  • Short-Run Supply
  • Unit 3 Summary
  • Unit 4: Long-Run Equilibrium
  • Long-Run Marginal Cost
  • Adjustment
  • Entry And Exit
  • Equilibrium Conditions
  • Long-Run Supply
  • Unit 4 Summary
  • Unit 5: Evaluation
  • The Good
  • The Bad
  • Market Control
  • Unit 5 Summary
  • Course Home
    Perfect Competition

    • The first unit of this lesson, Price Taker, begins this study with a look at the general structure of a perfectly competitive market.
    • In the second unit, Short-Run Output, we take a look at the short-run production decision faced by a perfectly competitive firm based on the cost and revenue numbers.
    • The third unit, Doing Graphs, then looks at the short-run production decision faced by a perfectly competitive firm using a graphical analysis of cost and revenue.
    • In the fourth unit, Long-Run Equilibrium, we examine the nature of long-run adjustment by a perfectly competition industry when all inputs are variable.
    • The fifth and final unit, Evaluation, then closes this lesson by considering the pros and cons of a perfectly competitive industry.

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    MARKET

    The organized exchange of commodities (goods, services, or resources) between buyers and sellers within a specific geographic area and during a given period of time. Markets are the exchange between buyers who want a good (the demand-side of the market) and the sellers who have it (the supply-side of the market).

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    APLS

    GREEN LOGIGUIN
    [What's This?]

    Today, you are likely to spend a great deal of time watching infomercials looking to buy either a green fountain pen or a handcrafted bird house. Be on the lookout for infected paper cuts.
    Your Complete Scope

    This isn't me! What am I?

    A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
    "No great performance ever came from holding back. "

    -- Don Greene, motivational coach, former Green Beret

    PO
    Pareto Optimal
    A PEDestrian's Guide
    Xtra Credit
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